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Infranord (I) investor relations material
Infranord Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Q3 2025 saw intensive rail infrastructure work, including rapid restoration after severe weather and completion of major projects like the Varberg tunnel and Olskroken connections, strengthening Sweden's railway network.
Net sales increased to 1,540 MSEK in Q3 (up 4.3% year-over-year), but operating profit fell sharply to 6 MSEK due to project write-downs in Sweden and Norway.
Order intake for Q3 was 777 MSEK, slightly above last year, with significant new contracts for the Ostkustbanan.
Safety performance improved, with LTIF at 5.0 (down from 6.5 in Q2).
Financial highlights
Q3 net sales: 1,540 MSEK (1,476 MSEK in Q3 2024); 9M net sales: 4,095 MSEK (3,855 MSEK in 2024).
Q3 operating profit: 6 MSEK (98 MSEK); 9M operating profit: -29 MSEK (46 MSEK).
Q3 net result: -4 MSEK (77 MSEK); 9M net result: -50 MSEK (28 MSEK).
Q3 operating margin: 0.4% (6.6%); 9M margin: -0.7% (1.2%).
Q3 cash flow from operations: 41 MSEK (-126 MSEK); 9M: -264 MSEK (-89 MSEK).
Outlook and guidance
The Swedish government’s infrastructure plan increases funding for rail maintenance, but still falls short of addressing all deferred maintenance; full resolution targeted by 2050.
Market outlook in Norway is stable, with increased focus on reinvestment and maintenance over new construction.
New contract awards, such as the 521 MSEK BEST contract for Alvesta–Älmhult, will boost Q4 order intake.
Plan to reduce Net Debt/EBITDA below 2.75x
Address unfavorable Norway project payment terms
Mitigate Trafikverket's split project risks
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Q4 202513 Feb, 2026
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Frequently asked questions
Infranord is a government-owned enterprise in Sweden, specializing in railway engineering services. This includes the construction and maintenance of railways, leveraging extensive experience and expertise in the field. Infranord operates primarily within Sweden and has also expanded its market presence in Norway. Established as a result of a spin-off in 2010, when the Swedish Transport Administration was created, Infranord emerged from the merger of the Swedish Rail Administration and the Swedish Road Administration. The company is headquartered in Stockholm, Sweden, and its shares are not listed on any stock exchange as it is owned by the Swedish government.
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